Easy Guide to Mine!

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This is the most asked question we get. “I want to mine crypto currencies, can you help me get started?”

We do a lot and I mean a lot of research. We are extremely competitive and we just love staying on the forefront of technology. So this is the basic start up guide, at some point we can teach you but we have to charge. This guide will set you on the right track.

GPU mining (mining with your graphics card)

You need an internet connection (obviously)

The first step is to open an account at a local trading platform. There are a few but the two we use are www.altcointrader.co.za and www.luno.com . You will need to prove your existence in the form of ID, proof of residence, bank account and a few more things.

The second step is to download a mining program. For the absolute beginner I am going to recommend Nicehash. It converts the altcoins you mine with your graphics card into bitcoins. You just enter your bitcoin address that you get on your trading platform (usually found under account or deposits, it’s a very long address with numbers and letters) and it will mine it directly to that account. Nicehash takes a small amount of bitcoin as payment for using their program. They too do a lot of research and update their program accordingly. Are there more profitable ways to mine with your GPU? Yes but if you are a beginner stick to Nicehash. www.nicehash.com

The third and most important step is to check the profitability, DO THE MATH. Nicehash has a tab at the bottom that gives you an estimate of how many dollars it mines daily. The graphics card uses electricity to mine with.

So let us say for example:

Nvidia Geforce 980TI

$1.71 per day (Nicehash bottom tab)

250 Watt (google card power usage)

1 unit = 1000 Watt per hour

250 Watt/1000 = 0.25 units per hour

0.25 units per hour X 24 hours = 6units

Lets say you pay R1.50 per unit. (refer to your utility bill)

R1.50 x 6 = 9

R9 per day electricity costs

$1.74 x R13.15 (USD/Rand exchange) = R22.88

R22.88 – R9 (power usage) = R13.88 profit per day.

R13.88 x 30 = R416 profit per month.

Your card will be working on maximum level. You cannot game while mining or do anything requiring your graphics card.

Lastly sell your bitcoins for ZAR on the local trading platform and do a cash out into your bank account if its money that you want.

Alternatively you can use the bitcoins to buy things. There are many websites that take bitcoins as payment, www.takealot.com and www.bidorbuy.co.za are just some examples of websites in South Africa that take bitcoins as payment. If you google “things I can buy with bitcoin in South Africa” you will find anything from a place to stay in Dullstroom to shoes.